QNB 'most valuable ME banking brand'

Dubai, February 3, 2014

Qatar National Bank (QNB) with a brand value of $1.8 billion has emerged as the most valuable banking brand in the Middle East region, according to a report.

Middle East banks have had an extremely successful year, almost all improving their global rank with at least double digit brand value growth, said the 'Brand Finance Banking 500,' an annual study by Brand Finance, the world’s leading brand valuation consultancy.

The world’s biggest banks are ranked by their brand value, with the results reflecting industry trends and indicating future developments, it stated.

QNB leads the region for another year with a brand value of $1.8 billion, up 38.5 per cent over 2013, an increase of over half a billion dollars.

This puts QNB just outside the global top 100, but with such impressive growth it is sure to break into that group next year, it added.

Among the Middle Eastern countries, the banks from the UAE dominated the list representing the greatest total brand value of nearly $6 billion, stated the report published in the February edition of ‘The Banker’ magazine.

Emirates NBD led the Emirati pack with a brand value of $1.27 billion, even overtaking the National Bank of Abu Dhabi, the only bank in the Middle East top 10 to have lost brand value, it said.

Saudi Arabia, with the second highest national total, has closed the gap on UAE slightly. Its banks added a combined $1.7 billion this year in contrast to a figure of $1.5 billion for the UAE.

Saudi’s top lender Al-Rajhi Bank ranked second in the Middle East overall and edged closer to the top spot. About 45 per cent brand value growth lifted the lender’s total to $1.72 billion, bringing it within $100 million of QNB, the report added.

Oman’s Bank Muscat, was the only bank brand from the Sultanate to make it to the global top 500. It too has enjoyed a successful year, growing 30 per cent to reach a total brand value of $309 million.

Commenting on the results, Yousef Darwish, QNB general manager (Communications), said: "This is a notable achievement for the group and continues the impressive momentum delivered over recent years. As ‘The World’s Strongest Bank’, the importance of our brand and how it is perceived by our diverse range of stakeholders is paramount across our 26 countries of operation."

"Brand Finance’s data confirms that we are making good progress and continue to be the most valuable brand value across the Mena region. Looking to the future, The QNB Group vision is to be an icon in the Middle East and Africa by 2017," he added.

On the global list, Wells Fargo retained its position as the world’s most valuable banking brand, with a total brand value of over $30 billion in 2014.

According to the Brand Finance report, Western brands in general have shown promising improvements.

HSBC’s brand value has grown by $4 billion, while UBS’ is up $3.35 billion, a 46 per increase. Meanwhile the total for Greece is up over 100 per cent as successful austerity measures have begun to rapidly transform the country’s economic outlook, it stated.

Notable results from elsewhere in the world included the halting of rapid growth in some BRIC countries, namely Russia, India and Brazil. Their national brand value totals are down 6 per cent, 13 and 23 per cent respectively.

China, however, continues to grow strongly. Its banks have added a total of nearly $19 billion and there are now 3 Chinese bank brands in the global top ten, the report added.-TradeArabia News Service